Online bill payments show a steady growth

According to NACHA transaction volume on its WEB e-check code has grown to 552.1 million from 474.1 million in 2007’s fourth quarter (16.5%). Specialists say this is due to the long-term consumer shift from writing checks, and greater use of online bill pay. 

ARC transactions, on the other hand, have decreased from 689.3 million in 2007’s final quarter to 653.2 million (5.2%). 

The e-check code for check conversions at the checkout lanes of the stores, POP, or point of purchase, showed 123.6 million transactions in the fourth quarter, against 134.2 million in the last year (down 7.9%). Janet O. Estep, president and chief executive of Herndon, Va.-based NACHA, says this might be due to the lower than usual holiday sales.

BOC, on contrary, continued its high growth with the volume of 39.4 million transactions in the fourth quarter comparing to 3.08 million in previous year (increases of 1,178%). 

TEL, for telephone-based ACH payments, reported 85.4 million transactions in the fourth quarter, which is 2.5% less than 87.5 million a year earlier. Moreover, ACH has reported a total of 3.8 billion transactions in the last quarter excluding on-us volume, against 3.64 billion last year (up 4.5%). Approximately 80% of ACH volume consists of non-e-check activity.